Future Lifestyle Fashions seeks shareholder nod for sale of assets
Future Lifestyle Fashions Ltd (FLFL) is seeking the approval of its shareholders for the sale of in-store retail infra-assets, which will be used for repayment of debt and other operational liabilities.
The company will conduct an e-voting, which commences on September 14 and ends on October 13, the company said in its stock exchange filing.
FLFL has also sought members' consent for the appointment of Bharat Ram and Neelam Chhiber as independent directors.
“The company has sought authorisation from its board to sell, lease, rent, transfer or otherwise alienate / dispose of fixed assets (in-store retail infra-assets) which are lying at non-operational stores of the company or in any other manner as the board may deem fit.” FLFL said in a statement.
“It is also proposed to utilize the amount of proceed from the above proposal for repayment of debt and other operational liabilities subject to the approval of the Lenders. This would help the Company to reduce its debt considerably," added FLFL.
FLFL has in-house retail chains Central and Brand Factory, exclusive brand outlets and other multi-brand outlets housing apparel labels including Lee Copper, Champion, Indigo Nation, Giovani, John Miller, Scullers, Converse, and Urbana among others.
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